First time buyer, (post bankrupt) please help!

Conrad

macs1981 wrote: »

Does a IFA need to be local or can it all be done over the phone? If any professionals on here are, or know of any IFA's with experience in cases like this i would be more than happy to talk with them and hopefully persue our case.

Forgive me here, but you need a DEDICATED MORTGAGE BROKER, not an IFA.


There could be exceptions, but in general the best brokers are those that do nothing but mortgages. IFA's tend to be more thinly spread as they deal with other fileds such as pensions, and as such they might not have the experience to deal with complex mortgage cases.

Make contact with some brokers and sound them out.

PS - your'e new here so you might not be aware that it is not good form for brokers here to make contact with you themselves as this would be seen as a form of free marketing!

macs1981

testoni wrote: »

Hi Macs,

BO was £24k, but I was never asked by the IFA.

We are putting a 5% deposit on £175k with 15% Bovis equity loan (we earn too much for Firstbuy) therefore 80% LTV.

Our affordability puts us in the £203k bracket, but we are only asking for £140k.

Our IFA has never thought the BO would be an issue.

I'm still sceptical that we'll actually get a formal offer, but that's probably because the last 6 years has been a major uphill struggle.

Thanks, it seems we are very similar, thats a shame you miss out on FirstBuy by £1000!

When do you find out the formal decision? ill keep my fingers crossed for you and really hope it works out, as if yours does then there is a chance i may get through to. Would love to be kept up to date with your news!

macs1981

Conrad wrote: »

Forgive me here, but you need a DEDICATED MORTGAGE BROKER, not an IFA.


There could be exceptions, but in general the best brokers are those that do nothing but mortgages. IFA's tend to be more thinly spread as they deal with other fileds such as pensions, and as such they might not have the experience to deal with complex mortgage cases.

Make contact with some brokers and sound them out.

I see, thanks! I will do that today, didnt know that. Great advice.

testoni

I'll be so ecstatic I'll be shouting it from the roof tops, but in case you don't hear me I'll drop you a PM.

macs1981

PS - your'e new here so you might not be aware that it is not good form for brokers here to make contact with you themselves as this would be seen as a form of free marketing![/QUOTE]


Just read this part, if i PM you my email address would you be interested in helping us?

Senior_Paper_Monitor

I'll try to answer your 'fees' question rationally and in general terms.

If your £10K deposit is indicative you are looking at a £90K mortgage - My guess is that the broker would earn something in the region of £294.50 - £315.00 commission for that.

The case I referred to above (and that client was superbly organised and IT proficient - he was a techie himself so permanently at his email) had some 26 hours logged to his case on our back office system (his mortgage was approx 60% higher than yours - that increases the revenue but not the work).

We charged him our standard £350 fee - which in your case would bring the likely income to the broker to £644.50.

That is approximately £24 per hour (not accounting for office overheads, PI and processing costs).

It is perfectly permissable for a broker to increase/decrease fee because of additional work etc (provided they do so, advising you in advance and giving the reason if an increase).

There may be brokers/IFAs who would want to take a case at £11 per hour (no fee on your case) - or less if the client is somewhat less IT proficient and organised - but I wouldn't expect you to be in any danger of being trampled in the rush to form an orderly queue for the case.

macs1981

Senior_Paper_Monitor wrote: »

I'll try to answer your 'fees' question rationally and in general terms.

If your £10K deposit is indicative you are looking at a £90K mortgage - My guess is that the broker would earn something in the region of £294.50 - £315.00 commission for that.

The case I referred to above (and that client was superbly organised and IT proficient - he was a techie himself so permanently at his email) had some 26 hours logged to his case on our back office system (his mortgage was approx 60% higher than yours - that increases the revenue but not the work).

We charged him our standard £350 fee - which in your case would bring the likely income to the broker to £644.50.



That is approximately £24 per hour (not accounting for office overheads, PI and processing costs).

It is perfectly permissable for a broker to increase/decrease fee because of additional work etc (provided they do so, advising you in advance and giving the reason if an increase).

There may be brokers/IFAs who would want to take a case at £11 per hour (no fee on your case) - or less if the client is somewhat less IT proficient and organised - but I wouldn't expect you to be in any danger of being trampled in the rush to form an orderly queue for the case.

A small price to pay for something that would make us so happy!